22 July, 2024
Working Group Updates 7/22/2024
22 July, 2024
- OFR Repo Reporting Working Group. FIF hosted two calls this past week for the OFR Repo Reporting Working Group. The Working Group reviewed a draft follow-up FIF letter to the Treasury Department’s Office of Financial Research relating to the new requirement to report non-centrally cleared bilateral repos. The Working Group continued its discussion of scenarios where transferred securities are substituted, a repo has multiple types of transferred securities, and securities are transferred as a pool to support a portfolio of related repos. FIF submitted this follow-up letter to the OFR.
- FIF Securities Lending Transparency Working Group. The Securities Lending Transparency Working Group continued its discussion of FIF member questions relating to the proposed SLATE reporting system to be operated by FINRA. The Working Group reviewed the first draft of an FIF comment letter on the FINRA rule filing for the SLATE reporting system and the draft FINRA Participant Specification for SLATE.
- FIF Short Sales / Reg SHO / Short Reporting Working Group. FIF members participated on a call with SEC representatives. During this call, SEC representatives responded to issues and questions raised by FIF members in a letter submitted by FIF to the SEC on June 24. The FIF Working Group discussed the responses from the SEC and next steps. The Working Group discussed various follow-up scenarios for FIF members to present to the SEC, requesting an extension of the current implementation date, and challenges with defining when a manager “controls” another entity.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed EBS retirement. The Working Group discussed named linkage errors for transactions in Rule 144A securities. The Working Group continued its discussion of the auction handlingInstructions values. The Working Group discussed reporting of options error scenarios. FIF submitted comments to FINRA CAT on reporting for transactions in Rule 144A securities and reporting auction handlingInstructions values.
Eduard Kotlyar